davidls wrote: ↑Fri Mar 22, 2024 7:52 pm
If you can’t afford to insure it properly, there’s little point owning the car.
It's not so much about affording it as it is about opportunity cost. What are the odds I'm going to have claims in ten years totalling £15-20k which is how much I need to pay for the full comp insurance?
Not investing this money and making twice as much in the process is called opportunity cost. So it's more about odds then affording it. This is where my dilemma lies.
NCE 61 wrote: ↑Fri Mar 22, 2024 6:38 pm
UK is generally a lot cheaper than mainland European countries, in Belgium what is classed as fully comprehensive for my six year old 2 litre is €140 per month, equivalent to TPFT €90 per month. Generally insurance companies even try and persuade you to reduce the cover when a vehicle is more than five years old due to what they deem to be the value of the vehicle.
davidls wrote: ↑Fri Mar 22, 2024 7:52 pm
If you can’t afford to insure it properly, there’s little point owning the car.
It's not so much about affording it as it is about opportunity cost. What are the odds I'm going to have claims in ten years totalling £15-20k which is how much I need to pay for the full comp insurance?
Not investing this money and making twice as much in the process is called opportunity cost. So it's more about odds then affording it. This is where my dilemma lies.
Insurance is a gamble. Legally you have to have it to protect those around you, but beyond that it's up to you. You are deciding whether you can accept the associated risk with not having the full coverage. Only you know where you live, where you drive, how you drive, how the others around you in said area drive, where you park and your overall level of acceptance of risk. Ultimately asking the question here was a bit pointless. Nevertheless, you did and you have been given your answer. 7 to 1 at the moment and almost everyone in here agrees you should go fully comprehensive. I don't think this is answer you wanted though. I suspect you were just hoping for validation in what you want to do, which is go for the bare minimum.
